The shares subject to in-kind contribution by Varna Municipality to the private company Puldin Turinvest AD, representing 29% of the capital of International Fair Plovdiv AD, have been seized. Thus, the state’s shares in Plovdiv Fair cannot be transferred to the private company until the litigation is concluded.
The court granted security for the claim brought by the State, acting through the Ministry of Economy and Industry, against the Municipality of Varna by seizing 16,314,400 registered dematerialised shares of the capital of International Fair Plovdiv AD.
‘Protecting the public interest and state property is only the first step. We should revive the Fair’s potential and ensure its effective management from now on,’ Minister Bogdanov said.
Minister Bogdan Bogdanov, upon taking office, ordered a full analysis of all possible legal actions by the Ministry of Economy and Industry in the case of the Plovdiv Fair, so that the state interest is protected. Following the analysis, a decision of the Council of Ministers instructed the Minister to take all possible actions. Two lawsuits were filed by the Ministry of Economy and Industry. An application was made to suspend the registration of the transfer of the Plovdiv Fair shares by the Municipality of Varna to Puldin Turinvest and a special request was made — to grant security for a claim by attaching the shares.